• About
  • Mortgage Basics
  • $40K Challenge
  • Aunt Doris
  • Grandfather Says
  • Privacy
  • Archives

Len Penzo dot Com

The offbeat personal finance blog for responsible people.

Starting a Business? Then You Need to Read This

By Enero Febrero

There is no doubt that the economy has been under a lot of pandemic-related pressure in the last year. As a result, many people are financially struggling to get back on their feet. It also means that some people try new, different ways to make a living, like starting their own business. But is it wise to start a business right now? Here are three factors you’ll need to consider:

Don’t Underestimate the Importance of a Business Name

Since the pandemic hit the world, multiple businesses have been forced to shut down for good. It hasn’t exactly been a good year for independent businesses, but does that mean it’s impossible? Not necessarily.

Basically, a business can bloom at all times — but, of course, the current situation of the world does not make it any easier.

Starting a business requires a lot of hard work, patience and time. It is also important that you know that it will cost you a lot, so you need to be aware of this before starting anything. If you do not have the money, then wait until you do.

A business is not cheap, and you will need the money in order to get your business started right. Before you even start your business, you need to figure out what you are selling. What is the product that you believe that people would want to buy?

Once you’ve figured that out, the next important step is to find out what your business name should be. If you want a business that’s noticeable, you will have to come up with an easy and catchy name. Many people really have trouble coming up with something, and if the situation is the same for you, then you might want to consider getting some help from an online business name generator. For example, these generators are designed such that all you need to do is type in a few key words that are related with your business and the generator will then come up with a potential name. Smart and simple; right?

Don’t Overlook Security

If you are starting your own business, you are most likely trying to draw quite the bit of attention towards yourself in order to make the public aware of what you’re selling and who you are. This is a good idea — but it can cause security issues, since many people associate business owners with people who have a lot of money. Of course, that increases your business’ odds of being a robbery target — so it is important to update your security-system. The good news is there are more than a few ways to secure your business on a budget.

Watch Your Expenses

This brings us to another factor that you need to remember once you’ve decided to start your own business: Before your business takes off, there will be some time when the money is a bit short. Just remember that it takes time for most businesses to get up and running, so you need to remain patient. Sticking to a strict budget is not always easy, but you can do it if you put your mind to it. Again, the good news is there are plenty of tricks that can make budgeting easier.

Photo Credit: stock photo

2 Comments March 30, 2021

Comments

  1. 1

    Karen E Kinnane says

    Maybe you need to ask a lot of people if they think your idea for a business will succeed? Do some research on failure rate? A lot of people want to “follow their passion” and later find out their is no way to make a living at their passion. Things working out inside one’s head are often at odds with what happens in the real world. On the other hand you might have a good idea. My caterer friend found business stopped totally with the lock down. She changed to cooking full meals on Mondays and Tuesdays and delivering them. She sent messages to all her catering customers asking if they were interested in having a home cooked meal delivered one or two days a week. The business boomed! Her previous customers had rapidly had it with cooking 7 days a week on top of at home work and at home schooling. She quickly got over 40 customers for Mondays and Tuesdays. She was forced by popular demand to add Wednesdays to the schedule. She has added a few more customers to her route since. Cleverly the caterer picked early in the week so if the catering business resumes she can still cater when required which is invariably Friday, Saturday, Sunday. BE COLD AND ANALYTICAL, MAKE SURE THERE IS A CHANCE OF SUCCESS FOR YOUR BUSINESS. You don’t want to end up like a student loan person who gets a $40,000. a year job and has $100,000. in student debt, although I personally would of course in that case suggest a part time job to knock out that debt quick (I would NEVER have accrued it in the first place. I’m a cheapskate who bar tended Fridays and Saturdays and worked in the UT cafeteria every lunch shift Monday through Friday to make ends meet!)

    Reply
    • 2

      Len Penzo says

      Wow. Great story, Karen. And some good advice too. Thanks for sharing!

      Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

The Question of the Week:

Do you think the US will eventually return to some form of gold standard?

View Results

Loading ... Loading ...

Recent Posts

  • Black Coffee: Red Ink and Green Confetti
  • Money Issues Ruining Your Relationship? Here Are 5 Ways To Fix Them
  • Filling Out the 1040 Form: Key Points to Know
  • How to Use Line Shopping as a Financial Tool When Betting on Sports
  • Grandfather Says: Eulogy for a Friend
  • How to Financially Prepare for a Divorce
  • Behold the $100,000 Hamburger!
  • Should You Diversify Your Portfolio With Crypto? 3 Pros and Cons
  • 3 Mistakes to Avoid When Starting Out as an Investor
  • 5 Investment Strategies To Help You Save For Retirement

Disclaimer

This site is for informational and entertainment purposes only, and the content herein should not be mistaken for professional financial advice. In fact, making investment decisions based on information published here, or any other website for that matter, is more than unwise; it is folly. This website accepts advertising in the form of monetary and other compensation; as such, topics of discussion are occasionally influenced by these advertisers. Sometimes, an article may also include affiliate links, meaning, at no additional cost to you, this blog earns a commission if you click through and make a purchase (for example, as an Amazon Associate I earn from qualifying purchases). Remember, you and you alone are responsible for the decisions you make in life, so please contact an independent financial professional for advice regarding your unique personal situation.

Sign up for the weekly Len Penzo dot Com newsletter
Len Penzo dot Com Delivered Weekly
Join more than 30,000 readers and fans who enjoy personal finance and macroeconomics with an offbeat twist!
Invalid email address
Thanks for subscribing!

Popular Now:

  1. 1. The 7 Most Popular Ways to Commit Financial Suicide
  2. 2. 25 Examples of Shrinkflation That No Longer Fool Consumers
  3. 3. The 10 Worst Things I Ever Bought
  4. 4. 7 Perplexing Money Questions Without a Good Answer
  5. 5. My Cola Taste Test: Is Coke Really Better Than Pepsi?
  6. 6. Planning a Wedding? Here Are 9 Ways to Ensure You’ll Pay Too Much
  7. 7. Economic Collapse 101: How to Prepare for Water Supply Disruptions
  8. 8. A Simple Test to Know If It’s Better to Rent or Buy a Home
  9. 9. The Big Secret the Banking Industry Doesn’t Want You to Know
  10. 10. 4 Good Reasons Why Some Quarters Are Painted Red

All-Time Most Popular:

  1. 1. 19 Things Your Suburban Millionaire Neighbor Won’t Tell You
  2. 2. Dear Friend: Here Are 41 Reasons Why I’m NOT Lending You the Money
  3. 3. Why Your Expensive Luxury Car Doesn’t Impress Smart People
  4. 4. If You Can’t Live on $40,000 Annually It’s Your Own Fault
  5. 5. 21 Reasons Why Corner Lots Are for Suckers
  6. 6. 4 Smart Reasons Why College Isn’t for Everyone
  7. 7. 18 Fast Facts About Social Security Numbers
  8. 8. My Ketchup Taste Test: Upset! Guess Which Brand Topped Heinz
  9. 9. Why I Prefer a Spreadsheet to Track Expenses and Manage My Finances
  10. 10. Here’s a Simple Trick for Getting Credit Card Interest Charges Waived

Copyright © 2021 Len Penzo dot Com · All Rights Reserved · Designed by Nuts and Bolts Media

© Len Penzo dot Com 2008–2021